# Table 8d: Bilateral as Noise Filter — Full vs Excl Financial Centers

| Variable | Full: Portfolio total | Full: Gross assets | ExFC: Portfolio total | ExFC: Gross assets | Full: Portfolio debt | Full: Debt assets | ExFC: Portfolio debt | ExFC: Debt assets | Full: FDI outward | Full: FDI assets | ExFC: FDI outward | ExFC: FDI assets | Full: income_bal | ExFC: income_bal |
|:---|---:|---:|---:|---:|---:|---:|---:|---:|---:|---:|---:|---:|---:|---:|
| Z_1 | 526.5666 | 1491.1336 | 471.8689 | 1984.8315 | -4.3839 | 676.1671 | 208.5737* | 1118.0355** | -4.8730 | 1492.8796 | 124.4305 | 1635.5110 | -11.9274 | -24.2425 |
| | (632.0629) | (1486.4589) | (564.6737) | (1576.8345) | (199.5550) | (475.1621) | (120.4061) | (444.2601) | (915.4232) | (1183.2594) | (985.1525) | (1286.7389) | (18.9409) | (17.4604) |
| Z_2 | -61.6375 | -107.3848 | -56.3158 | -177.8024 | 1.1892 | -62.6052 | -26.7081 | -125.4025** | 25.5874 | -155.0813 | 12.8722 | -171.0362 | 0.8695 | 2.4131 |
| | (87.6121) | (205.5271) | (78.0366) | (217.3927) | (27.5109) | (65.7519) | (16.6637) | (61.4591) | (124.8594) | (163.6048) | (133.8671) | (177.3982) | (2.6352) | (2.4176) |
| Z_3 | 2.1987 | 2.1423 | 2.0050 | 4.7448 | -0.0243 | 1.6575 | 0.9660 | 4.0147* | -1.4343 | 4.9309 | -1.1274 | 5.3680 | -0.0095 | -0.0648 |
| | (3.4059) | (7.9997) | (3.0234) | (8.4373) | (1.0690) | (2.5583) | (0.6428) | (2.3791) | (4.8277) | (6.3680) | (5.1602) | (6.8851) | (0.1020) | (0.0932) |
| fiscal_bal_gdp | 0.3554 | 0.8922 | 0.4520 | 0.3599 | -0.1888 | -0.0871 | -0.0896 | -0.1219 | 0.5606 | 1.0497 | 0.5995 | 0.9398 | 0.0059 | 0.0021 |
| | (0.6874) | (1.5351) | (0.6299) | (1.6432) | (0.2065) | (0.4975) | (0.1962) | (0.5223) | (1.1751) | (1.2220) | (1.2751) | (1.3409) | (0.0340) | (0.0355) |
| nfa_gdp_lag | -12.7112*** | -40.0184*** | -12.6993*** | -41.8938*** | -3.9072*** | -16.1818*** | -2.6363*** | -15.9873*** | 49.7499*** | -21.3652*** | 51.0078*** | -22.2639*** | -0.0119 | -0.0019 |
| | (3.4613) | (7.7161) | (3.0518) | (7.9344) | (1.0246) | (2.5021) | (0.9427) | (2.5350) | (5.1463) | (6.1422) | (5.4034) | (6.4747) | (0.1675) | (0.1695) |
| log_rel_opw | -12.6958 | -103.3255** | -11.7419 | -108.1970** | 2.4622 | -42.7189*** | 5.0437 | -34.4257*** | 19.2083 | -37.8504 | 17.6416 | -40.1163 | -1.0151* | -0.3037 |
| | (17.4210) | (40.3420) | (15.3548) | (41.9811) | (5.3839) | (12.9501) | (3.6197) | (12.2695) | (24.9606) | (32.1132) | (26.3893) | (34.2577) | (0.6041) | (0.5669) |
| kaopen | 4.7817 | 8.8262 | 4.3579 | 8.7336 | 1.6332 | 8.2992** | 2.6289** | 9.7276*** | -12.3179 | -4.1806 | -12.4914 | -4.0960 | -0.2953 | -0.3232 |
| | (5.1131) | (11.5388) | (4.4413) | (11.7378) | (1.5751) | (3.7296) | (1.2715) | (3.6415) | (9.0310) | (9.1852) | (9.3907) | (9.5784) | (0.2206) | (0.2117) |
|:---|---:|---:|---:|---:|---:|---:|---:|---:|---:|---:|---:|---:|---:|---:|
| Dep var | agg_portfolio_total_gdp | gross_assets_gdp | agg_portfolio_total_gdp | gross_assets_gdp | agg_portfolio_debt_gdp | debt_assets_gdp | agg_portfolio_debt_gdp | debt_assets_gdp | agg_fdi_outward_gdp | fdi_assets_gdp | agg_fdi_outward_gdp | fdi_assets_gdp | income_balance_gdp | income_balance_gdp |
| N | 1186 | 1186 | 1077 | 1077 | 1160 | 1186 | 1051 | 1077 | 739 | 1186 | 673 | 1077 | 1177 | 1068 |
| R² | -0.1080 | -0.0798 | -0.1457 | -0.0882 | 0.0046 | -0.0292 | 0.0342 | -0.0111 | 0.0246 | -0.0674 | 0.0049 | -0.0593 | 0.0936 | 0.0973 |
| Countries | 75 | 75 | 69 | 69 | 74 | 75 | 68 | 69 | 74 | 75 | 68 | 69 | 74 | 68 |

*Panel GLS with AR(1) errors. Standard errors in parentheses.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*